Swiss Watches: Secondary Market Keeps Ticking Higher in 2Q26

研报英文原文证据摘录

Swiss Watches: Secondary Market Keeps Ticking Higher in 2Q26

Update

July 16, 2026 04:06 PM GMT

Morgan Stanley & Co. International plc+MLuxury Goods | Europe Edouard Aubin

Equity Analyst

Swiss Watches: Secondary Edouard.Aubin@morganstanley.comGrace Smalley, CFA +44 20 7425-3160

Grace.Smalley@morganstanley.com +44 20 7425-9629

Market Keeps Ticking Higher in Natasha Bonnet

Natasha.Bonnet@morganstanley.com +44 20 7677-5723

2Q26 Cedric Norest

Research Associate

Cedric.Norest@morganstanley.com +44 20 7425-1462

Brands

Europe

Key Takeaways Industry View In-Line

In 2Q26, all three listed groups – Richemont, Swatch Group and LVMH –

recorded a sequential uptick in secondhand prices.

Gains were stronger than in 1Q for LVMH and broadly stable for Richemont/

Swatch Group, with LVMH leading at +1.7%, followed by Richemont at +1.3% and

Swatch Group at +1.0%.

Among the listed players, the standout performers by brand QoQ include TAG

Heuer (+3.8%) from LVMH, Cartier (+2.2%) and Vacheron Constantin (+1.4%)

from Richemont, as well as Omega (+0.9%) from Swatch Group.

Importantly, the value retention ratio (a barometer of desirability) continued to

improve sequentially for most leading brands owned by listed groups, despite

retail price increases.

All in all, while most secondhand market metrics improved again in 2Q and the

recovery became more broad-based, gains for the listed players remain relatively

modest, and VR ratios continue to suggest limited pricing power outside the Big

Three in the coming quarters.

Tracking the price evolution of secondhand watches is interesting for equity

investors, as, in general, it provides a good barometer of a brand's desirability and

thus future pricing power/growth trajectory.

Overall, secondary watch market fundamentals continued to improve in 2Q26,